Punch restructuring imminent

A restructuring of Punch Taverns’ £2.3bn debt could start soon, according to a report from Barclays. The bank advocated converting bonds to an interest-only basis, shortening the loan maturity and using disposal proceeds to prepay senior bonds.

17 Aug 2012

In the report, published on Tuesday, Barclays said it expected the company to make a restructuring proposal in the fourth quarter of 2012 or first quarter of 2013.

Punch Taverns total estate of 5,000 pubs is worth £2.8bn, according to its 2011 annual report, some £568m greater than its
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